Financial Accountability Regime (Consequential Amendments) Act 2023 (68 of 2023)
Schedule 2 Application, saving and transitional provisions
Part 2 Banking sector
Division 1 Key personnel obligations
5 Persons disqualified under BEAR
When this item applies
(1) This item applies in relation to a person if:
(a) before the banking start time, the person is disqualified from being, or acting as, an accountable person under section 37J of the old Banking Act; and
(b) the disqualification is in effect immediately before the banking start time.
Persons are taken to be disqualified under FAR
(2) The person is taken, from the banking start time, to be disqualified from being or acting as an accountable person under section 42 of the FAR Act.
(3) For the purposes of subsection 42(2) of the FAR Act, the disqualification applies in accordance with the following table.
|
Disqualified accountable persons |
||
|---|---|---|
|
Item |
Column 1
If, before the banking start time, the person is disqualified under the old Banking Act in relation to … |
Column 2
then, from the banking start time, the person is taken to be disqualified under the FAR Act in relation to … |
|
1 |
a particular ADI |
the accountable entity that is that ADI. |
|
2 |
a particular subsidiary of an ADI |
if the subsidiary is a significant related entity of the accountable entity that is the ADI - that significant related entity. |
|
3 |
a class of ADIs |
a class of accountable entities that includes those ADIs. |
|
4 |
a class of subsidiaries of ADIs |
a class of significant related entities of accountable entities that includes those subsidiaries of ADIs. |
|
5 |
any ADI |
any accountable entity. |
|
6 |
any subsidiary of an ADI |
any significant related entity of an accountable entity. |
(4) The period of disqualification ends when the period of the disqualification under the old Banking Act would have ended.
(5) Paragraphs 42(1)(a) and (b) and subsections 42(3) to (7) of the FAR Act do not apply in relation to the disqualification.
Applications to vary or revoke disqualification
(6) If:
(a) before the banking start time, the person applies to APRA under section 37JA of the old Banking Act to vary or revoke the disqualification; and
(b) as at the banking start time, the application has not been withdrawn by the applicant, or dealt with by APRA;
the application is taken, after the banking start time, to have been made under section 43 of the FAR Act.